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Domestic spot carbonate prices rise with futuresMarket remains...

  1. Timber7
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    02/03/24
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    Domestic spot carbonate prices rise with futuresMarket remains cautious despite spikeSpodumene FOB Australia prices up $100/mt




    Chinese domestic lithium carbonate prices saw an uptrend post Lunar New Year holidays amid a surge in lithium futures in the week to March 1, while increasing inquiries and higher bids for raw materials upstream pushed up spodumene prices.

    Platts assessed battery-grade lithium carbonate at Yuan 110,000/mt on a DDP China basis March 1, up Yuan 10,000/mt on the day and up Yuan 16,000/mt on the week. Offers began to range widely from Yuan 110,000/mt to as high as Yuan 180,000/mt March 1. Tradable indications were pegged from as low as Yuan 103,000/mt to as high as Yuan 115,000/mt for battery-grade lithium carbonate.

    "Very messy market, because there are different pricing mechanisms being adopted now," said a China-based consumer.

    Deals for industrial-grade lithium carbonate, which typically trade at a discount compared to battery-grade lithium carbonate, were reported at Yuan 105,000/mt and at Yuan 112,000/mt March 1.

    Participants said the higher spot prices were mostly driven by news of environmental protection measures in Qinghai province and potential output cuts at lithium salt producers in China’s Jiangxi province. This news came at a time when some bigger domestic producers would be undergoing maintenance in March and April, creating further concerns of tight supply in the chemicals market.

    Futures prices began to surge above Yuan 100,000/mt and the spot market followed suit as domestic spot offers were still referencing the Guangzhou Futures Exchange prices.

    However, market participants remained cautious. Downstream cathode maker inventories were heard to be decreasing amid difficulties in accepting the higher lithium prices.

    "It's difficult to find [cheaper] material in the spot market now," said a second China-based consumer.

    Participants remained cautious amid the spike in spot prices, showing concerns about its sustainability.

    "Supply has become lesser, but capacity remains," said a China-based trader that expected that once demand returns, it would not be too difficult to find supply.

    Platts assessed battery-grade lithium hydroxide at Yuan 92,000/mt DDP China basis on March 1, stable on the day but up Yuan 5,000/mt on the week. Tradable levels were heard at Yuan 84,000-95,000/mt in the week to March 1, with offers heard as low as Yuan 88,000/mt.

    "Demand for hydroxide is less impacted by the news that has been pushing up carbonate prices," said another China-based trader, adding that domestic prices for lithium hydroxide saw fluctuations mainly due to fundamentals.

    Upstream, Platts assessed spodumene concentrate with 6% lithium oxide content at $970/mt FOB Australia March 1, up $100/mt on the day and on the week.

    Domestic spodumene consumers provided tradable values at $1,000/mt or lower on a CIF China basis. More inquiries were heard in the market. However, some participants were still hesitant as they were unsure how long the bullish domestic lithium carbonate prices would last.

    A bid for Australia-origin spodumene was heard at $1,000/mt on a CIF China basis. Meanwhile, a deal for Africa-origin material was heard secondhand at $1,100/mt on a DDP China basis and another deal at $950/mt on a CIF China basis for Brazil-origin spodumene was also heard Feb. 28.

    Platts is part of S&P Global Commodity Insights.

    PMT Price at posting: $1.00 Sentiment: None Disclosure: Not Held
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